Data Acquisition System Market Size to Worth USD 3.35 Bn by 2033

Prathamesh

9 months ago

The global data acquisition system market size is expected to increase USD 3.35 billion by 2033 from USD 2.04 billion in 2023 with a CAGR of 5.08% between 2024 and 2033.

Key Points

The North America data acquisition system market size reached USD 690 million in 2023 and is expected to attain around USD 1,160 million by 2033, poised to grow at a CAGR of 5.33% between 2024 and 2033.
North America registered the largest revenue share of the data acquisition system market in 2023.
Asia Pacific is anticipated to showcase significant growth with the fastest CAGR in the market in the upcoming period.
By component, the hardware segment dominated the market in 2023 and is expected to grow significantly during the forecast period.
By component, the software segment is expected to expand notably in the market over the forecast period.
By speed, the high-speed segment dominated the market in 2023 and is expected to grow at a rapid pace during the forecast period.
By industry vertical, the aerospace & defense segment held the largest segment of the market in 2023.
By industry vertical, the power & energy segment will grow at the fastest rate in the market over the forecast period.

The Data Acquisition System (DAS) market involves hardware and software components designed to capture and analyze data from various sources. These systems are crucial in industrial automation, research and development, and monitoring applications, offering real-time data acquisition and processing capabilities.

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Growth Factors

Key growth factors driving the market include increasing demand for automation in industries, rising adoption of IoT and cloud-based solutions, and advancements in sensor technologies. Additionally, the need for reliable and accurate data for decision-making processes contributes significantly to market expansion.

Data Acquisition System Market Trends

Integration with IoT: DAS systems are increasingly being integrated with IoT ecosystems, enabling real-time data collection and analysis across various industrial applications.
Demand for High-Speed Data Acquisition: There’s a growing need for DAS solutions capable of handling high-speed data acquisition to support applications in industries such as automotive testing, aerospace, and research.
Adoption of Wireless Data Acquisition: Wireless DAS solutions are gaining popularity due to their flexibility and ease of deployment, especially in applications where wired connections are impractical or expensive.
Rise of Cloud-Based Data Acquisition: Cloud-based DAS platforms are becoming more prevalent, allowing users to store, analyze, and share data remotely, which enhances accessibility and scalability.
Focus on Industry-Specific Solutions: There’s a trend towards developing industry-specific DAS solutions tailored to the unique requirements of sectors like healthcare, energy, and manufacturing.
Advancements in Sensor Technologies: The integration of advanced sensors with DAS systems is enabling more precise and accurate data acquisition across a wide range of parameters.

Region Insights:

The market exhibits robust growth across regions, with North America and Europe leading in adoption due to extensive industrial automation and technological advancements. Asia-Pacific is emerging as a significant market, driven by rapid industrialization, infrastructure development, and government initiatives supporting digital transformation.

Data Acquisition System Market Scope

Report Coverage	Details
Market Size by 2033	USD 3.35 Billion
Market Size in 2023	USD 2.04 Billion
Market Size in 2024	USD 2.14 Billion
Market Growth Rate from 2024 to 2033	CAGR of 5.08%
Largest Market	North America
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Component, Speed, Industry Vertical, and Regions
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Data Acquisition System Market Dynamics

Drivers:

Primary drivers include the growing need for data-driven decision-making, stringent regulations mandating data collection in industries like healthcare and automotive, and the integration of DAS with AI and machine learning for predictive maintenance and operational efficiency.

Opportunities:

Opportunities lie in expanding applications across diverse sectors such as automotive, aerospace, and energy, along with the development of cost-effective and scalable DAS solutions for SMEs. Moreover, advancements in wireless data acquisition systems and the proliferation of edge computing present new growth avenues.

Challenges:

Challenges include data security concerns, interoperability issues with legacy systems, and complexities in integrating heterogeneous data sources. Additionally, the high initial investment and technical expertise required for deployment and maintenance pose challenges to market growth.

Data Acquisition System Market Companies

Keysight Technologies
Agilent Technologies
Yokogawa Electric Corporation
Advantech Co., Ltd.
Phoenix Contact GmbH & Co. KG
Emerson Electric Co.
Teledyne Technologies Incorp
Honeywell International Inc.
orated
Spectris PLC
Campbel Scientific
General Electric
Brilel & Kjaer
Fluke Corporation
Siemens Digital Industries Software
National Instruments Corporation
AstroNova, Inc.

Recent Developments

In January 2023, Axiometrix Solutions’ imc Test & Measurement brand introduced its new modular data collection system, IMC ARGUSfit. The imc ARGUSfit base unit and extra amplifier and fieldbus interface modules, such as the FD, can be quickly snapped together to enable maximum flexibility in automotive and machine testing and monitoring.
In June 2022, Advantech announced the launch of the iDAQ line of data collection modules. The iDAQ series is a new modular data acquisition module and chassis series that includes the iDAQ-900 chassis as well as the iDAQ-700 and 800 DAQ modules.

Segments Covered in the Report

By Component